GDP comes in at 5.7%?

[FattBurger]

Quote from makloda:

Just as good as the next monkey in line if he wasn't there. What's your point? If Bernanke was never born the financial system wouldn't be in exactly the same trouble?

Let me rephrase the question. Makloda, how is the Federal Reserve handling its responsibilities?

 

[FattBurger]

Recovery today much like 2004. They are rowing the economy in a circle.

http://www.cbpp.org/files/8-30-05pov.pdf

 

[Eliot Hosewater]

Quote from Kassz007:

Believe the number (subject to a minor downward revision possibility). Everything the government tells you isn't a lie...

Inventory restocking. Don't expect this type of growth in the future, but the reality is that USA economy is miles ahead of where it was a year ago.

Been keeping up with earnings season? There are healthy companies out there that are doing just fine.

I said last summer that the time to be worried about stock markets is when actual economic data is improving and rate hike rhetoric is ramped up. This is exactly what has happened. First the Chinese are putting the brakes on, and rate hikes in the USA (and likely the rest of the world) will take place this year.

Remember that last quarter's preliminary number was revised down about 40%.

 

[makloda]

Quote from FattBurger:

Let me rephrase the question. Makloda, how is the Federal Reserve handling its responsibilities?

Ah so now it's about the Federal Reserve, not about Bernanke per se.

Just to get an idea how good or bad the Fed has been doing their job (mandated by congress), let's see what major global central bank has done a better job of perfectly foreseeing and handling the crisis? The "there is no credit crunch & the big danger is rampant inflation" ECB? What about the BOE (King: "No rate cuts until 2010")? Or maybe the ultimate geniuses at the BOJ?

Against his peers, Bernanke and his crew IMO don't stand out in particular, neither to the up- nor downside. If congress doesn't like the Fed, why don't these idiots abolish it? If the Fed itself is indeed the problems, why do they keep wasting their time insulting Bernanke.

 

[Kassz007]

Quote from Ivanovich:

It probably does. I look at my little boy playing in my living rood and then watch Congress blowing out the budget for the third time in as many years. When I see what my little boy will inherit, I get fumed. So does the majority in this country. And if the spending was actually DOING something for jobs, productivity, etc, then that would be something. But the spending you're talking about hasn't done jack except move statistics.

As for the credulity of numbers, when a number is revised 30% from period to period (the previous GDP number) it makes one wonder. It also makes one wonder why these statistics aren't ever revised up.

As for my anger with Banana Ben, yes it has to do with the currency. It also has to do with him offloading risky assets from banks to the taxpayer. And the anger is directed at him because he was the one going for confirmation. But I hate Timmah, and Paulson and the rest of the jackasses in government who allowed this to happen and continue to allow it to grow. But they weren't up for reconfirmation. Banana Ben was.

1. I sympathize with your situation and your anger is justified. But I believe your anger should be directed toward congress not Bernanke. He is not the one creating elaborate stimulus packages.

2. You have been reading S2007S' posts for too long . Go to forexfactory.com and view the economic calendar. Since July 31, 2008 GDP numbers have been revised upward three times and downward three times. I am not sure why you say they are never revised up.

3. Do you think any other Fed chairman would be any different?

 

[Kassz007]

Quote from Eliot Hosewater:

Remember that last quarter's preliminary number was revised down about 40%.

Look at the revision history over the past year or two.

 

[jficquette]

Quote from Kassz007:

Believe the number (subject to a minor downward revision possibility). Everything the government tells you isn't a lie...

Inventory restocking. Don't expect this type of growth in the future, but the reality is that USA economy is miles ahead of where it was a year ago.

Been keeping up with earnings season? There are healthy companies out there that are doing just fine.

I said last summer that the time to be worried about stock markets is when actual economic data is improving and rate hike rhetoric is ramped up. This is exactly what has happened. First the Chinese are putting the brakes on, and rate hikes in the USA (and likely the rest of the world) will take place this year.

Miles ahead? Thats bullshit. Wait until housing inventory starts hitting the market this summer.

 

[Ivanovich]

Quote from Kassz007:

1. I sympathize with your situation and your anger is justified. But I believe your anger should be directed toward congress not Bernanke. He is not the one creating elaborate stimulus packages.

2. You have been reading S2007S' posts for too long . Go to forexfactory.com and view the economic calendar. Since July 31, 2008 GDP numbers have been revised upward three times and downward three times. I am not sure why you say they are never revised up.

3. Do you think any other Fed chairman would be any different?

1. No, but he's the one leaving the taxpayer on the hook for trillions in bad mortgages thanks to his mortgage buying. And I think congress sucks too, but they weren't the ones being confirmed. Banana Ben was. Congress will get theirs (I hope) in November. I am allowed to hate both Banana Ben and Congress at the same time, ya know

2. LOL! No, I've had S2007S on ignore for about 6 months now, I'm happy to say. And I should have specified that the data releases have been essentially one sided since the march 09 run up. Oddly enough.

3. That all depends on who they put in there. Hoenig would be nice. But just to oust Banana Ben would have sent a message.

 

[Kassz007]

Quote from jficquette:

Miles ahead? Thats bullshit. Wait until housing inventory starts hitting the market this summer.

When your prediction comes true, then you can say I'm wrong. My crystal ball doesn't predict the future as well as yours I guess.

 

[Kassz007]

Quote from Ivanovich:

1. No, but he's the one leaving the taxpayer on the hook for trillions in bad mortgages thanks to his mortgage buying. And I think congress sucks too, but they weren't the ones being confirmed. Banana Ben was. Congress will get theirs (I hope) in November. I am allowed to hate both Banana Ben and Congress at the same time, ya know

2. LOL! No, I've had S2007S on ignore for about 6 months now, I'm happy to say. And I should have specified that the data releases have been essentially one sided since the march 09 run up. Oddly enough.

3. That all depends on who they put in there. Hoenig would be nice. But just to oust Banana Ben would have sent a message.

1. You are entitled to hate as many people as you want LOL
It certainly is bullshit that the taxpayer is on the hook for for bad mortgages thanks to the Fed, but I think the problems would be much worse if those banks were bankrupt and all confidence in the financial system was gone. In short - what Bernanke is doing sucks for the American taxpayer. But if Bernanke hadn't done those "shitty" things, the economy would be much much worse off. Unfortunately, there is no way to prove this. It is simply my personal opinion.

2. I respectfully disagree (on the revision statement, not the S2007S statement ). October 2009's release was revised from
-1.0% to -0.7%.

3. What message would that send?